CCH can assist you with stories, including interviews with CCH subject experts. Also, the 2011
CCH Whole Ball of Tax is available in print. Please contact:
 
Leslie Bonacum
(847) 267-7153
mediahelp@cch.com
 
Eric Scott
(847) 267-2179
eric.scott@wolterskluwer.com

Visit the CCH Whole Ball of Tax site often as new releases and other updates will be posted throughout the tax season.

CCH provides special CCH Tax Briefings on key topics at CCHGroup.com/Legislation.

• CCH Tax Briefing: 2012 Federal Budget Proposals
• CCH Tax Briefing: 2010 Tax Year-in-Review
• CCH Tax Briefing: 2010 Tax Relief/Job Creation Act
• CCH Tax Briefing: Sunsetting Benefits of the Economic Growth and Tax Relief Reconciliation Act of 2001
• CCH Tax Briefing: Small Business Jobs Act of 2010 (H.R. 5297)
• CCH Tax Briefing: Education/Jobs/Medicaid Assistance Act of 2010
• CCH Tax Briefing: Homebuyer Assistance and Improvement Act of 2010
• CCH Tax Briefing: Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010
• CCH Tax Briefing: Health Care Reform Act
• CCH Tax Briefing: 2010 Hiring Incentives to Restore Employment Act

Retirement by the Numbers: Employer Plans, IRAs and the Saver's Credit

No COLA Means Little Changes in Contribution Amounts for Most 2011 Retirement Vehicles

Both IRA contribution levels and contribution limits to employer-sponsored programs are subject to cost of living adjustments (COLAs). However, with no COLA change, the contributions remain the same for 2010 and 2011.

Allowable adjusted gross income parameters for traditional deductible IRAs for married couples filing jointly and for taxpayers making Roth IRA contributions will rise for 2011. Changes also are made to 2011 income thresholds under the Saver’s Credit, which is a nonrefundable tax credit that allows lower- and middle-income retirement plan participants to use elective contributions to reduce their federal income tax on a dollar-for-dollar basis.

* Subject to COLAs.

** SARSEPs must have been established prior to January 1, 1997. The maximum contribution and catch-up amounts are the same as for 401(k), 457 and 403(b) plans.

*** Individuals have until April 18, 2011, to make contributions to their IRAs for 2010.

**** Depending on AGI, the credit ranges from 10% to 50% with lower income taxpayers being eligible for a higher credit. For example, a married taxpayer filing jointly with an AGI of $34,000 or less making a $2,000 retirement plan contribution in 2011 could be eligible for a 50% credit, or $1,000. By contrast, if that same taxpayer had an AGI between $34,001 and $36,500, she would be eligible for a 20% credit, or $400; an AGI between $36,501 and $56,500 would make that same taxpayer eligible for a 10% credit, or $200.

SOURCE: CCH, 2011

Permission for use granted.

nb-11-27